Last updated at: (Beijing Time) Wednesday, December 05, 2001
Sina.com Plans to Move Financial Headquarters to Shanghai
Mao Daolin, CEO of Sina.com, Monday released that Sina.com plans to move its financial headquarters to Shanghai from the Silicon Valley of the United States. The directorate will finalize the decision by the yearend and set matters concerned about in early next year. This indicates that the biggest Chinese portal website will develop its career basing on Shanghai henceforth.
Mao told the journalist that they had once considered moving their financial headquarters to Hong Kong. Now the directorate prefers much more to Shanghai. They will finalize the decision by the yearend and set matters concerned about in early next year.
Cooperation Between Shanghai & Beijing to Be Furthered
Financial headquarters is one of the core departments of a listing company which assumes the responsibility of internal financial management, financial data support, budget program decision and cash management.
Sina's other core departments, sales and development departments, etc, will also strengthen the interactive activities between Shanghai and Sina's headquarters in Beijing.
Shanghai Has Advantages
Mao said that Shanghai has become a hub for headquarters of domestic enterprises. Besides, more and more transnational companies in Asia-Pacific region moved their headquarters to Shanghai. Sina.com may become their online cooperative partner. In addition, domestic demand should not be underestimated, either. Sina will focus on the market of consumer goods and financial and insurance industry in Shanghai so as to provide capital to its online advertisement and pay services.
Sina-Sun Cooperation Influencial
Moreover, the recent cooperation between Sina.com and SUN-TV Cybernetworks Ltd. may also be one of the important reasons for Sina.com to follow Sun-TV to Shanghai. Although Sina has more than half of its advertisement proportion in the domestic Internet advertisement market and it also developed 10,000 pay users in North America, it still has a long way to go to make a break even out of the deficit. Its cooperation with Sun-TV makes it see the promising perspectives in wide-band network business.
Among the major competitors of Sina.com, except for China.com which has its headquarters in Hong Kong, both Sohu.com and Netease set up their financial headquarters in Beijing.
SINA Corporate Overview
SINA is a leading Internet media and services company for Chinese communities worldwide, offering global Chinese-language content, commerce and community services to four localized Web sites targeting China, Hong Kong, Taiwan, and overseas Chinese in North America.
Created in March 1999, SINA.com is a merger between two of the world's largest Chinese Web sites - SINANET.com of Sunnyvale, California and Stone Rich Sight Information Technology Company Ltd. (SRS) of Beijing. SINANET, founded in 1995 by three graduate students at Stanford University, and SRS, founded by Wang Zhidong in 1993, were both instrumental in pushing forward the development of an infant Chinese Internet industry on both sides of the Pacific, paving the way for the explosive expansion of a new global online population.
SINA is committed to bringing the opportunities of the Internet to the global Chinese community, delivering the opportunities of China's New Economy to the world, furthering the development of China's Internet sector through wireless, broadband, e-commerce and business-to-business initiatives, educating the public on the Internet environment in China, etc.